United States Brent Oil Fund (NYSEARCA:BNO) Shares Gap Down – Here’s Why

United States Brent Oil Fund LP (NYSEARCA:BNO)’s stock price gapped down prior to trading on Tuesday . The stock had previously closed at $46.05, but opened at $44.29. United States Brent Oil Fund shares last traded at $44.47, with a volume of 682,935 shares traded.

Key Stories Impacting United States Brent Oil Fund

Here are the key news stories impacting United States Brent Oil Fund this week:

• Positive Sentiment: U.S. crude inventories fell for a 10th straight week to their lowest level since 1985, a supportive signal for oil prices if tight supply persists. US crude inventories decline for tenth week to over 20-year low, EIA says
• Positive Sentiment: Another report showed U.S. commercial crude stockpiles fell more than expected as refineries ran near full capacity and imports declined, reinforcing near-term supply tightness. U.S. Crude Oil Stockpiles Fall More Than Expected
• Neutral Sentiment: Oil attempted a rebound at times during the session, but momentum faded and prices pulled back from highs, suggesting choppy trading rather than a clear trend. Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Pulls Back From Session Highs
• Neutral Sentiment: Analysts say oil prices have fallen because the market is pricing in a U.S.-Iran deal and a possible reopening of the Strait of Hormuz, but there are still major unanswered questions about how smoothly that reopening will happen. The Iran Deal Leaves More Questions Than Answers. Why Oil Prices Are Falling Anyway.
• Negative Sentiment: Reuters reported that Iranian oil tankers are already moving through the disputed corridor and the U.S.-Iran framework deal is improving supply expectations, which is weighing on crude benchmarks. Iranian oil tankers pass US blockade after US-Iran deal, data shows
• Negative Sentiment: Major banks, including Goldman Sachs and Morgan Stanley, cut oil-price forecasts as they expect Gulf supply to recover faster, and Goldman separately said it is lowering expectations for the rest of the year. Major Wall Street Banks Cut Oil-Price Forecasts on Faster Gulf Supply Recovery
• Negative Sentiment: Market reports also say Middle East crude is slipping into discounts as the U.S.-Iran deal boosts the supply outlook and reduces the war premium embedded in prices. Middle East crude slips into discounts as U.S.-Iran deal lifts supply outlook

United States Brent Oil Fund Price Performance

The stock’s 50-day moving average price is $52.12 and its two-hundred day moving average price is $41.24.

Institutional Trading of United States Brent Oil Fund

A number of hedge funds and other institutional investors have recently modified their holdings of BNO. Ball & Co Wealth Management Inc. purchased a new stake in shares of United States Brent Oil Fund in the 1st quarter worth about $56,000. Kestra Advisory Services LLC purchased a new stake in shares of United States Brent Oil Fund in the 4th quarter worth about $149,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its position in shares of United States Brent Oil Fund by 60.7% in the 2nd quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 6,654 shares of the company’s stock worth $194,000 after buying an additional 2,514 shares during the period. Midwest Trust Co purchased a new stake in shares of United States Brent Oil Fund in the 1st quarter worth about $216,000. Finally, Headlands Technologies LLC grew its position in shares of United States Brent Oil Fund by 389.5% in the 2nd quarter. Headlands Technologies LLC now owns 9,834 shares of the company’s stock worth $287,000 after buying an additional 7,825 shares during the period.

About United States Brent Oil Fund

The United States Brent Oil Fund, LP (BNO) is an exchange-traded fund that is based on the Front Month Brent Crude Oil index. The fund tracks the Brent oil spot price using near-month ICE futures contracts. BNO was launched on Jun 2, 2010 and is managed by US Commodity Funds.